Top 40+ Most Profitable Small Businesses to Start this Year
There are many business opportunities that you can start. Some require a little more planning to get started than others, but they all have the potential to make you a good living. Why not take advantage of an opportunity that is low-risk and high-reward?
Here are five business opportunities that you can start this year:
Personal Chef Services
Whether it’s for lunch or dinner, there are tons of hungry people out there who don’t want to have just any old meal. They know quality comes with a price, and with high demand comes big profits.
If you want to start a business that will make you money, there is no easier way to do it than through this service. The cost of food ingredients is low, which means the profit margin is stronger.
Becoming a personal chef will help you gain a lot of money for your exceptional cooking abilities. The majority of people are overburdened with their jobs and have no time for themselves. You may assist such professionals by cooking delectable food of their choosing.
Between 2016 and 2026, the personal chef work market is expected to rise by 5.2 percent. The demand for chefs who can prepare nutritious and delicious meals is only growing over time.
Start a Youtube Channel
YouTube has evolved from a video network to a content-on-demand powerhouse, thanks to the advent of live streaming and video-on-demand.
Although the market has been saturated, there are still many ways to make money on YouTube.
First, choose a niche in which you have a strong interest in creating entertaining and one-of-a-kind videos. Of course, the more entertaining content you share, the more views and subscribers you’ll get over time.
Many wildly famous YouTubers make millions of dollars by uploading videos. An average YouTuber, on the other hand, earns between $10 and $30 per 1,000 views.
Learn about YouTube guidelines before starting a YouTube channel so that you can monetize your content. Invest in a decent camera and microphone as well to create high-quality videos and increase your earning capacity.
Become a Self-Published Author
Do you enjoy writing? Have you ever considered writing and publishing your own book? So, good news. One of the best small business opportunities for you is to become a self-published author.
Self-publishing simply means that you do not collaborate with a traditional publisher to oversee the editing, design, and development processes of a book. You do it instead on your own. With no lack of readers on the internet, there is plenty of room for you to create, sell, and benefit from an ebook or audiobook.
Print on demand is a fantastic potential business opportunity for online clothing retailers, whether you’re an artist, designer, or e-commerce brand. Working with a supplier to customize white-label items, such as tote bags or t-shirts, with your own designs is what printing on demand entails.
What’s the best part? You are not required to pay for the product before it is sold. You don’t keep any inventory or buy in bulk, which is similar to dropshipping.
Consider Going Freelance.
One of the most popular online business opportunities is freelancing. As a freelancer, you are self-employed and not bound to a long-term boss. It enables you to take your office with you everywhere you go and effectively be your own boss.
With the rise of remote work and the gig economy, going freelance will put you on the path to a prosperous online company. It could be competitive. However, whether you have a set of skills that you’ve developed over time or even one that you want to learn, there is money to be made.
You can, for example, transform a talent like web design, marketing, copywriting, or app development into a lucrative home-based company.
Sell Digital Goods
As an industry, e-learning is exploding. According to recent estimates, the industry will be worth approximately $331 billion by 2025, making digital goods one of the biggest online market prospects for both developers and educators.
Some examples include music, videos, ebooks, and online courses. They can be kept or touched, but they are popular with consumers because they can be downloaded and consumed at their leisure.
Digital goods also present excellent market opportunities due to their low cost of development and distribution. You can produce it once and sell it to several people without restocking inventory or contacting suppliers.
If you consider yourself an expert on a specific subject, you can bundle your knowledge and sell it as a one-time fee or subscription.
Become a Social Media Influencer
Have you ever considered converting your likes and followers into cash and checks? It’s a good time to capitalize on your status as a social media influencer.
While it may seem to be one of those far-fetched business opportunities, it has proven to be a profitable enterprise for people in a variety of industries, including gardening, fashion, food, travel, and even parenting.
It may take some time to establish your online credibility. Still, if you have a subject that you are passionate about and enjoy discussing, you can make money by building an active audience on social media.
Start a Consulting Business
One of the most popular business opportunities is consulting. Many professionals begin consulting in order to assist a wider variety of individuals with particular expertise. You might, for example, be a Facebook Ads expert who teaches companies how to run successful Facebook Ads.
Alternatively, you might be a beauty expert who brings clients shopping to find the best ingredients for their skin tone. As an expert, you share your knowledge with others in order to help them excel as well.
So, if you’re looking for any examples of home-based business opportunities, consider what skills you excel at. Then, concentrate on locating individuals who need assistance with those.
Real Estate Agent
The real estate market in the United States is once again booming, and while not quite as brisk, it is picking up in the United Kingdom as well.
On the other hand, people want to avoid the hassles of completing the paperwork and obtaining the legal permits needed to acquire their land, so they seek the assistance of a broker or an online letting agent.
You may serve as a middleman between buyers and sellers to ensure a smooth transaction. Create a strong customer base by assisting them in the purchase and sale of commercial and residential assets. You may also put together a small sales team to target consumers more effectively.
To better promote your real estate career, conduct thorough research on becoming a real estate broker and enrolling in appropriate real estate courses.
Have you ever visited a website and thought to yourself, “Wow, this has a lot of growth potential.” You may be able to purchase that platform, expand it, and then sell it for a profit. This is known as website tossing. You can conduct manual research to find underperforming websites with high potential, or you can sign up for platforms like Exchange to do so.
After purchasing the platform, you can increase its earning potential by marketing, SEO, and other strategies. You can sell the site for a profit if it starts producing more sales than it did when you first bought it. With sites starting at $100, this can be a game-changing business opportunity for those with minimal resources.
Creating A Niche Website
You can still find readers who are interested in the subject you are passionate about. For example, if you start a blog about solo travel, you can write useful content about your personal travel experiences that readers may find useful. Make it interesting and insightful in order to provide value to your audience.
However, it would be best if you devoted time to growing your audience. You may also conduct market research to determine if your niche is viable as a money-making venture in the long run. Sift through the internet for ideas for a profitable niche website.
How do I make money with my niche website?
There are many niche website monetization strategies, including affiliate marketing, display ads, sponsored posts, and digital products. You cal also sell a course.
Become an Affiliate Marketer
Affiliate marketing is a typical example of a small business opportunity. Many well-known brands allow you to become an affiliate. Any transaction that an affiliate marketer brings into a brand earns him a fee.
Some companies, such as Amazon, pay a small percentage of revenue for each product that an associate carries in. Other companies, such as Shopify, can pay up to $58 for each customer an associate brings in.
To generate revenue for the brand you’re supporting, and you can create a blog, post on social media, or run advertisements through your affiliate connection.
Doing Blog Writing
Blogging is one of the biggest small business opportunities. Blogging is common because it allows you to generate a variety of potential income streams.
Affiliate marketing, advertisements, information goods, physical products, influencer marketing, sponsorships, and gated premium content are all ways to make money. It is also possible to gain passive income by publishing articles ahead of time and inserting advertisements inside the material so that you earn every time a reader clicks on an advertisement.
With so many possible revenue streams, bloggers concentrate on producing and selling content to increase website traffic. To attract new website visitors, they use search engine optimization (SEO) and social media marketing.
Start Baking Business
Baking can earn you a lot of money and seems to be a simple small business concept. However, if you have a talent for creating delectable delicacies, you would be able to sell them at a premium price. People often place a higher value and preference on hand-made and gourmet bakery products.
To get started, you’ll also need some basic cooking supplies.
To hone your skills, begin with something as basic as your mother’s perfect cookie recipe. Later on, you can learn various niche recipes to develop your own USP and command higher prices for your products. You can improve your baking skills by taking free baking classes on Skillshare.
The internet’s popularity increases with each passing day, making it more difficult for companies to cut through the clutter and better market themselves.
Digital marketing services are often in high demand, and many small and medium-sized businesses will prefer to outsource them rather than create a costly in-house team.
If you’re skilled in SEO, content marketing, pay-per-click, web creation, or social media management, you may be able to find a job that allows you to work from home.
Since digital marketing is an essential component of a brand, you must adapt to changes in your clients’ marketing strategies. Social media management involves constantly monitoring for feedback and messages rather than simply scheduling posts in a “set-it-and-forget-it” mentality.
If you enjoy carefully strategizing and executing strategies, digital marketing might be the right business for you. You could also think about being an affiliate marketer, which is a type of digital marketing.
Making An Online Course
One of the most important market prospects in the coming years will be online learning. People are increasingly turning to the internet to learn online.
By 2025, the e-learning industry is projected to reach $325 billion. You may develop online courses in a variety of fields. You can make money by creating online courses yourself, hiring others to do it for you, or allowing course creators to use your website.
It’s a good investment right now because it’s already successful and expected to expand more.
Web Design And Development
There are over 4 billion internet users worldwide, and six out of every ten small businesses have a website. Front-end web creation is a valuable ability to have in order to meet the increasing demand for new website launches.
To hone your skills, begin by creating websites for your friends and family. Although several website builders are available to assist small businesses in creating their own websites, developers are needed for more custom work (and new businesses are always looking for efficient coders at cost-effective prices).
You can begin your journey by providing affordable rates for your services and then gradually turn it into a more profitable business strategy by solidifying your portfolio.
Many businesses need assistance in assisting their clients. So, why not turn your passion for customer service into a business? You may offer to handle customer service inquiries on a company’s behalf through chat, email, and phone.
Using help desk tools allows you to handle customer experiences from a single point. If a large number of businesses express interest in your services, you can recruit remote chat specialists to supplement your resources.
If your company grows, you will be able to set up a remote-friendly customer service business where your employees can operate from home.
Corporations, small companies, and sole proprietors all want eye-catching advertising materials, but not everyone has a keen sense of aesthetics. You can start a graphic design company if you have a creative streak and know how to arrange content into a visually appealing format.
You can include flyers, digital advertising, posters, and other engaging visual materials. Graphic design often has the advantage of having only a laptop and a desk as physical equipment.
Host on Airbnb
You can maximize the usage of your unused room by listing it on Airbnb. Millions of homeowners who want to supplement their income by renting out their rooms have found it to be a lucrative market.
Apart from renting out your space or apartment, it also allows you to meet people from all over the world. However, you may need to remain on call to assist your guests with local requirements. You should also search to see if there are any rent control initiatives in your region that you should be aware of.
You can also add value to this company by charging for food, customized experiences such as city tours, errand services, welcome gift bags, and transportation. This Fundera article explains in-depth how to measure your earning potential from Airbnb.
Launch an Ecommerce Company
Retailers are going online faster than ever before, thanks to COVID, which has accelerated e-commerce by over 4 years. When it comes to e-commerce, you have many options: Amazon FBA, dropshipping, or completely producing your own goods and selling them on your own website.
Dropshipping is a good choice for beginners because you don’t have to fulfill orders or ship them yourself, nor do you need to have a physical shop.
Dropshipping is a method in which online retailers post goods from wholesalers, but the dropshipping suppliers handle all delivery. The retailer just needs to create online orders and submit shipping details to the wholesaler.
You can start your own company and earn extra money as a virtual assistant by using your excellent organizational skills. Corporations, freelancers, and businesses of all sizes are all looking for virtual assistants (VAs).
It is also an excellent opportunity to meet and network with effective and influential people from various fields of work in order to expand the professional network and learn from experts. At the same time, it allows you to work from anywhere in the world while still honing your technical skills.
While it is traditionally a lower-paying home company, it can help you hone your digital skills and serve as the first step toward launching a more lucrative freelance career.
Consultant In Travel Industry
Although there may not seem to be many job opportunities in travel, it is still lucrative. Though travel agents are almost extinct, people are now searching for assistance with managing their Airbnb listings and growing their rental income from vacation properties.
It requires a special set of marketing skills to assist property owners in increasing their booking rates. Bookings on Airbnb and VRBO will not happen unless there is visibility, professional photography, and supportive customer service.
To promote your company and communicate with people who want to increase their rental income, create a website and profiles on social media platforms such as Facebook and Instagram. When you have a strong client base, you will work with travel agencies to negotiate exclusive offers for your customers.
You should also recommend obtaining a degree in travel consulting if you want to make it a full-time profession.
People have become more tasteful about how every aspect of their home’s design has evolved over time. Interior designers who can build visually appealing and practical living spaces are often in demand.
Furthermore, people who employ interior designers are typically on the upper end of the income scale. There are also many opportunities to work in corporate interior design, where major corporations pay you to design hotel lobbies, corporate offices, resorts, and other facilities.
First, look at some ideas on Pinterest, which has a plethora of interior design ideas to inspire you. Then, using your personal and professional network, create a company based on your design skills.
Since a portfolio is important in this industry, you should consider doing free work and collaborating with home developers and realtors to stage homes before venturing into full-time entrepreneurship.
Purchasing & Selling Domain Names
Buying and selling domain names was one of the first online business concepts, and there are still consumers looking to buy.
Trading domain names is a strategy that is almost as old as the Internet itself. In 2009, the domain name Insure.com was purchased for $16 million. Even though old, valuable domains are mostly taken, if you get lucky and get ahold of a trending domain name, you can sell it for a profit.
The trick is to find unique blog names that have the ability to be sold later. Purchase them with low-cost hosting plans and sell them in an auction.
However, the long-term survival of this company is questionable. As a result, it is best not to pursue this concept full-time.
Personal Trainers And Wellness Coaches
Personal fitness coaches are in high demand all the time. If you enjoy exercise and are familiar with the intricacies of exercises and diet plans, you can supplement your income by assisting others in becoming physically healthy.
Once you’ve found the right clients and developed a solid reputation, the work is both physically and financially rewarding. With so many temporary gym closures and social distancing in place, starting an at-home fitness business where you drive to the client’s location or exercise outside could be advantageous.
You can also start your own fitness blog to share your fitness tips with a larger audience and establish yourself as an expert in your niche.
Strive to learn more about fitness training and obtain certifications to improve your professional reputation. You may also become a fitness or mental health coach and provide continuing education credits through Core Wellness organizations.
Writer Of Resumes
Writing a good resume is not easy for everyone, particularly with automated reviewers and the use of keywords inside job descriptions. If you know how to build competent and creative resumes that land jobs, resume writing is one of the few online business ideas.
There are many customers for this small business; start with word of mouth, reach out to your contacts, and use social media accounts. Your small business could be only a few mouse clicks away, with minimal startup costs.
Photographer For Weddings
Wedding photography has risen in price over the years, and it is a viable choice for an artist looking to supplement their income. Each photo shoot will cost anywhere from $2,500 to $10,000+ for a professional wedding photographer.
To begin, you can develop your clientele by searching online and registering with aggregators. You can use Facebook and Instagram to set up company accounts and reach out to potential customers.
You can either take online wedding photography lessons or learn by reading this comprehensive guide to honing your skills. Here’s a list of wedding photography equipment you’ll need to get started in the wedding photography market.
This market concept often necessitates a strong portfolio. So, choose a website theme for photographers and focus on increasing inbound traffic and word-of-mouth marketing.
Business prospects abound in the education sector. There are a lot of people who want to read. That is why tutoring companies continue to thrive. You may be the mentor if you aim to build a job for yourself.
If you want to own the company, you can hire teachers to educate the younger students. Everything you’ll need to do is find students for your online classes. The more clients you have, the larger your company will become.
To save money, you can rent out office space for a couple of hours in the evening instead of investing in your own office space. This can assist you in developing a long-term company.
Make a Living as a Personal Shopper
If you are knowledgeable about fashion or another industry, you can offer to be a personal shopper for people in your area. This is where you shop for people who are either too busy or unable to purchase things for themselves.
Knowing what’s common and what’s out of date will help you stand out from the crowd of personal shoppers in your town. You may also go above and beyond by inspiring your clients to try something new that you believe can improve their appearance and trust.